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Financing in Cambridge : Real Estate Advice

  • All155
  • Local Info7
  • Home Buying42
  • Home Selling9
  • Market Conditions6

Activity 10
Tue Apr 14, 2015
MaryBeth Mills Muldowney answered:
This is a question which comes up frequently. Most interest rates are credit driven and sometimes another alternative is to pay down your existing debt to make better ratios and improve a credit score.
Have you spoken with a trusted mortgage officer. They should be able to give you different scenarios based upon what you and your husband bring to the table. There are lenders who provide a 80% 15% with 5% down, you always need to check with a licensed mortgage officer for details and specifics but with this program I am told you have the majority of the loan - the 80% at a most attractive rate and the 15% is at a slightly higher rate - which can be addressed to goal to payoff in the future and NO PMI!
That is my favorite program, if you need a name and number of my trusted lender for that program just let me know. My most favorite loan program in Massachusetts is the no PMI MASSHOUSING loan - attractive rates, no PMI, added benefits of assistance for a period of time should you be unemployed. All benefits you can find on the MassHousing website https://www.masshousing.com/portal/server.pt/community/home_buyer_loans/226/masshousing_mortgage_w__no_mi this is the webpage for the NO PMI loan program.
I would be most happy to assist you with your goals if needed my office is 781-826-9300 and my email is MaryBeth@TradeWindsRealtyGroup.com and I assist Buyers and Sellers and Rental Clients in all of Eastern Massachusetts so If I can help just reach out. Good luck achieving your goals, I commend you for your self discipline in saving the 15% already, great job!
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Wed Sep 4, 2013
Richard Shapiro answered:
Typical terms for a private lender is 6 months. You can then sometimes extend for an additional 6 month term.
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Fri Aug 9, 2013
floatinginlalaland asked:
Mon Mar 25, 2013
James Daniel answered:
Hi Mary,

That's a great question. There is no minimum for a down payment in MA/Cambridge. It depends on the bank or mortgage company you use. I have helped clients buy homes with nothing, zero down. However, that was a few years ago when the market was softer. Now that the market is red hot due to a serious lack properties for sale buyers are competing and there are multiple offers on what seems like every home for sale. In a market like this sellers are more likely to select an offer in that scenario that has a higher down payment because their is less risk to them.

Mass Housing has a program that is offered through many area lending institutions. A buyer can put down 3% and not have to pay Private Mortgage Insurance (PMI). Check the link below to get more information from their site.


Best,
James
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Fri Dec 28, 2012
Heath Coker answered:
You are asking about a Condex.
These may be nice units, but they have issues for lenders because there are so few units.
Many times they are bought by people without a loan.
Keep in mind that when you resell a unit like this, if there are still problems/issues for lenders loaning on this type of property, it will be harder to sell to anyone who needs a loan.

There may be problems with this type of property at a conventional lender who sells to the secondary market rather than portfoloing the loan. (Meaning they sell the loan rather than keeping it themselves.)
A local bank, credit union, or savings and loan might have a program for local buildings and associations like the one you have your eye on.

I would use a local real estate professional to save time and money and also to make sure you don't miss a great opportunity.


(Please note: when you choose an answer as a Best Answer, or at least give a thumbs up, it helps those who answer questions here.)
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Tue May 29, 2012
Mortgagepro answered:
You shouldn't be obligated to the purchase if your financing has changed. If you want to call me I've been in the business for over 10 years, and would love to help.

Chris Triantos 617-785-7506 ... more
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Wed May 11, 2011
David Stein answered:
I can refinance you on that deal. The only thing you have to worry about is taxes owed to uncle sam. If no taxes are owed you are ok. please call or email me to discuss a refinance. davbstein@yahoo.com or 858-337-9744 ... more
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Mon Sep 27, 2010
Dayle Doherty answered:
Hi Danielle!

Congratulations to both of you on your anticipated raises! Where in Cambridge are you looking? I live in Central Square on the weekends and simply adore the area.

Unfortunately, the 80/10/10 loans are a thing of the past, but rates are so low right now that it's not much of a difference. The appeal of the 80% (as you probably found in your research) is that it doesn't have Private Mortgage Insurance. Any loan over that will have PMI until it gets down to 80% loan-to-value. To hit that 80% more quickly, you can always put more towards your principal balance after you start seeing all of your hard work translate to your paycheck! E-mail me at dayle@phoenixmortgage.biz if you'd like to me to run some specific scenarios, amortization schedules and financing options for you! We work with five different lenders, and some of them are offering great deals with lender-paid PMI right now.

Looking forward to speaking with you, Danielle.
Dayle
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Sat Dec 12, 2009
Ann Sabbagh answered:
Hi Janeen,
I am the owner of Seacoast Mortgage: licensed lender in Massachusetts: please contact me to discuss: 508-243-1190. I am available today.
Ann
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Tue Jan 29, 2008
Brecht Palombo answered:
Depends on the market. In a soft rental market seller writes the check, in landlord's market you write the check. I've written brokerage fee checks myself when I used to rent (Brighton, Somerville). Fees are ALWAYS negotiable. What I'd recommend if you have not already written the check is to say you want the place but the seller can pay the fee, if the agent objects and you feel you are in jeopardy of losing the place and you want it, tell him you will pay half - again it's all a negotiation, but to answer your questions, yes, it is standard practice. ... more
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